|By Marketwired .||
|July 16, 2014 04:15 PM EDT||
LONDON, ONTARIO -- (Marketwired) -- 07/16/14 -- Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT)(OTCQB:COTQF) announced today that it is amending the expiry date of 3,569,458 common share purchase warrants (Warrants) issued as part of a non-brokered private placement on January 30, 2013, that were scheduled to expire on July 29, 2014. Each Warrant entitled its holder to purchase one common share of the Company at an exercise price of $0.26 per share for a period of 18 months from the date of issue.
"This amendment recognizes the potential future financing source represented by these warrants at a relatively low cost to the Company," said Dr. Wayne Danter, President and Chief Executive Officer. "The amendment also acknowledges the long term support of these investors in various private placements."
The expiry date is being extended to 5:00 p.m. (Toronto time) on January 29, 2016, (the New Expiry Date), provided that the New Expiry Date of the Warrants will be accelerated to 21 days if, for any ten consecutive trading days, the closing price of the common shares equals or exceeds $0.60. All other terms and conditions of the Warrants remain unchanged.
The Company will deliver a Notice of Amendment reflecting the amended expiry date to the registered holders of the Warrants.
About Critical Outcome Technologies Inc. (COTI)
COTI is a leading-edge bioinformatics company specializing in accelerating the discovery and development of small molecules - dramatically reducing the time and cost to bring new drugs to market. COTI's proprietary artificial intelligence system, CHEMSAS®, utilizes a series of predictive computer models to identify compounds with a high probability of being successfully developed from disease specific drug discovery through chemical optimization and preclinical testing. These compounds are targeted for a variety of diseases, particularly those for which current treatments are either lacking or ineffective.
For more information, visit www.criticaloutcome.com.
Follow @CriticalOutcome on Twitter at http://twitter.com/CriticalOutcome.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.